I had analysed Aurobindo Pharma on 22-07-2016 when there was a news about its buy of Teva Pharmaceutical. This post shows how I label (Elliott Wave) the moves. Since then I have been following its movements.
There are two possibilities that I can see:
1. The down move which ended in December 2016 might have completed the 'C' and started the next up move.
2. Wave 'C' is still not over but a correction to the down December down move is going on. There might be another down move probably near 580 zone.
As of now the minor movements in daily chart shows weakness in the up move. There might be few days of down move expected.
Aurobindo Pharma weekly chart with Elliott wave labels:
Aurobindo Pharma with support and resistance marked for price action trading:
There are two possibilities that I can see:
1. The down move which ended in December 2016 might have completed the 'C' and started the next up move.
2. Wave 'C' is still not over but a correction to the down December down move is going on. There might be another down move probably near 580 zone.
As of now the minor movements in daily chart shows weakness in the up move. There might be few days of down move expected.
Aurobindo Pharma weekly chart with Elliott wave labels:
Aurobindo Pharma with support and resistance marked for price action trading:
